AM Best has affirmed Singapore Reinsurance Corporation Limited’s (Singapore Re) Financial Strength Rating of A and Long-Term Issuer Credit Rating of “a”, maintaining a stable outlook for both ratings. This affirmation is based on Singapore Re’s strong balance sheet strength, adequate operating performance, and effective risk management, alongside support from its parent company, Fairfax Financial Holdings Limited. Despite recent operating profit dipping due to a reserve adjustment under IFRS 17, AM Best anticipates a recovery in profitability driven by business growth and disciplined underwriting. Singapore Re’s business profile remains limited, focusing mainly on treaty and facultative reinsurance in Asia and the Middle East, with key operations in Singapore and India.
